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- U.S. labor productivity decreases less than expected in Q1
U.S. labor productivity decreases less than expected in Q1
The preliminary data from the U.S. Labour Department showed on Thursday that nonfarm business sector labor productivity in the United States decreased 2.5 percent q-o-q in the first quarter of 2020, as output declined 6.2 percent q-o-q and hours worked fell 3.8 percent q-o-q (seasonally adjusted).
That was below economists' forecast for a 5.5 percent q-o-q drop after an unrevised 1.2 percent q-o-q advance in the fourth quarter of 2019.
In y-o-y terms, the labor productivity rose 0.3 percent in the first quarter, reflecting a 0.1-percent uptick in output and a 0.2-percent fall in hours worked.
Meanwhile, unit labor costs in the nonfarm business sector in the first quarter jumped 4.8 percent q-o-q compared to an unrevised 0.9 percent q-o-q increase in the prior quarter.
Economists had forecast a 4.0 percent surge in first-quarter unit labor costs.
Unit labor costs quarterly increase reflected a 2.2-percent climb in hourly compensation and a 2.5-percent decrease in labor productivity.
Compared to the corresponding period of 2019, unit labor costs rose 1.5 percent.
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